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Nov 25, 2012
11/12
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we hear from people cut the deficit, expand medicare. we get a very inconsistent set of messages from them. no, i don't feel guilty at all, and i don't feel badly. i think -- i find there's a great commitment to solving the problem, but it gets to the specifics. i was in city hall in boston 44 years ago complaining about people who wanted a swimming pool in a neighborhood and they complaining because the dump trucks were coming in and out digging out the swimming pool and it was bothering them, and i complained to an old security council. he said, hey, kid, ain't you heard the muse? everybody wants to go to heaven, but nobody wants to die. i think that's what i get from too many of constituents. they want us to cut the deficit, but don't raise my taxes and don't cut this and don't cut that and expand this and expand that. we do our best, and i'm not troubled by our inability to do what some of the them want us to do, which is impossible. >> i'm a little troubled sometimes by the thoughtlessness of some people who are quick to criticize a
we hear from people cut the deficit, expand medicare. we get a very inconsistent set of messages from them. no, i don't feel guilty at all, and i don't feel badly. i think -- i find there's a great commitment to solving the problem, but it gets to the specifics. i was in city hall in boston 44 years ago complaining about people who wanted a swimming pool in a neighborhood and they complaining because the dump trucks were coming in and out digging out the swimming pool and it was bothering them,...
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Nov 24, 2012
11/12
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. $1.3 trillion in deficit. $901 billion, for next year, in deficit and our national debt is now over $16 trillion, and everybody knows that, i don't need to write that down. and, the president's big plan, he wants -- wants $1.6 trillion in new taxes. and here's how he wants to get there. first he wants to raise 8$849 billion over ten years by allowing the bush tax cuts, here they go... away. on the 31st of december, this year. they'll expire for households with incomes more than $250,000, $849 billion, includes $206 billion, of higher taxes on dividends. $123 billion, on limiting itemized deductions. $36 billion, higher taxes on capital gains. and, next, the white house want to raise another $584 billion, over ten years... $584 billion, of that, over ten years by reducing the value of certain tax breaks, cutting tax breaks related to charitable contributions and, by the way it may have an impact on the housing industry and that should get everybody a little excited. we have something good going here as the saying goes now, in the housing industry and let's quash that. the rest of the
. $1.3 trillion in deficit. $901 billion, for next year, in deficit and our national debt is now over $16 trillion, and everybody knows that, i don't need to write that down. and, the president's big plan, he wants -- wants $1.6 trillion in new taxes. and here's how he wants to get there. first he wants to raise 8$849 billion over ten years by allowing the bush tax cuts, here they go... away. on the 31st of december, this year. they'll expire for households with incomes more than $250,000, $849...
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Nov 28, 2012
11/12
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with the president today were on top of the game, top of the issues understood the solution to the deficit plan. >> what grows jobs in america are consumers spending money. and the average person needs that $2,000 in his pocket to drive the economy. saying that tax breaks for the rich drive consumers lower down to spend is like saying you could start your car by pouring gasoline on the hood. there's no proof, there's no factual data to support it. it's completely a sham to say that. >> and he's a business owner. we need more members of congress to sound like that. if the president is trying to achieve solidarity on raising the top tax rate, these are the voices that can come through for them with that message in a big way. an owner of an automobile supply company says she supports the plan even if it means her own personal rates will go up. . >> i would have higher tax rates, but r more important and more crucial, the middle class would be spending about $3,000 more. >> harry reid kept the focus on the president's winning campaign message of letting the tax cuts expire on incomes over $250
with the president today were on top of the game, top of the issues understood the solution to the deficit plan. >> what grows jobs in america are consumers spending money. and the average person needs that $2,000 in his pocket to drive the economy. saying that tax breaks for the rich drive consumers lower down to spend is like saying you could start your car by pouring gasoline on the hood. there's no proof, there's no factual data to support it. it's completely a sham to say that....
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Nov 24, 2012
11/12
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he forecasted a $1.3 trillion deficit. th so that means, if i can figure this out, $2.5 trillion to work with. $1.3 trillion in deficit. $901 billion left for next year. our national deficit iss big pl $16 trillion. everybody knows that. the president's bignt plans, he just wants $1.6 trillion in new taxes.t here is how he wants to get there. first he wants to raise 849 billion. by allowing the bush tax cuts -y there they go. taking him away.f the very first of december of this year. incom incomes of more than $250,000, 849 billion includes 206 billion in higher taxes on dividends. $123 billion on limiting i'm itemized deductions.pital higher taxes on capital gains. then they want to raise another$ $534 billion over 10 years.ten b excuse me,y over two years, by using tax rates.e mortgage payments and -- oh, by the way, that might have ane evr impact on the housing industryby and that could get everybody excited. we have something good going, so mones squash that. the rest would come from raising taxes on commodity traders,
he forecasted a $1.3 trillion deficit. th so that means, if i can figure this out, $2.5 trillion to work with. $1.3 trillion in deficit. $901 billion left for next year. our national deficit iss big pl $16 trillion. everybody knows that. the president's bignt plans, he just wants $1.6 trillion in new taxes.t here is how he wants to get there. first he wants to raise 849 billion. by allowing the bush tax cuts -y there they go. taking him away.f the very first of december of this year. incom...
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Nov 27, 2012
11/12
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deficit reduction. that's probably a little too much out of revenues over the short term. so let's go back to child tax credit and some middle income tax relief and that, but let's keep a substantial portion of that revenue and we don't have to the talking about stupid across the board cuts and do more targeted cutses in programs that need cutting and bolster those that need bolstering. one thing it, no one's talking about within-third of the deficit is due to high unemployment. we should be talking about investment that will put americans back to work and that takes care of a third of the deficit. if you're talking about a grand bargain, okay, revenues putting people back to work and then we'll talking about cuts. >> that's a profound point. all of a sudden we're supposed to go into this grand bargain of medicare and medicaid because we went through recession and the tax base was low because there was a lot of people unemployed for months on end and we had to invest in the economy to where we've got it
deficit reduction. that's probably a little too much out of revenues over the short term. so let's go back to child tax credit and some middle income tax relief and that, but let's keep a substantial portion of that revenue and we don't have to the talking about stupid across the board cuts and do more targeted cutses in programs that need cutting and bolster those that need bolstering. one thing it, no one's talking about within-third of the deficit is due to high unemployment. we should be...
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Nov 28, 2012
11/12
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a lot of the other issues surrounding deficit deduction are going to be a whole lot easier. and if we get this wrong, the economy is going to go south. it's going to be much more difficult for us to balance our budgets and deal with our deficits because if the economy's not strong, that means more money's going out and things like unemployment insurance and less money is coming in in terms of tax receipts and it just actually makes our deficit worse. so we really need to get this right. i can only do it with the help of the american people. so tweet -- what was that again? my2k or e-mail, post it on a member of congress' facebook wall. do what it takes to communicate a sense of urgency. we don't have a lot of time. we have a few weeks to get this done. we could get it done tomorrow. now, optimistically i don't think we're going to get it done tomorrow. but i tell you, if everybody here goes out of their way to make their voices heard and spread the word to your friends and family and co-workers and neighbs, i am confident that we will get it done and we will put america on t
a lot of the other issues surrounding deficit deduction are going to be a whole lot easier. and if we get this wrong, the economy is going to go south. it's going to be much more difficult for us to balance our budgets and deal with our deficits because if the economy's not strong, that means more money's going out and things like unemployment insurance and less money is coming in in terms of tax receipts and it just actually makes our deficit worse. so we really need to get this right. i can...
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Nov 28, 2012
11/12
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that's the real deficit that we need to worry about right now. for example jeffrey is part of this group. going around talking about cutting social safety net. his predecessor from the 20s and 40s owen young talked publicly about economic equality. he actually talked about how a man could not be free unless his wages were good. unless he was secure in his future and secured his retirement. it is a very different tune. >> eliot: let's make an important point. would the gold blankfein's of the world acknowledge there was some disparities the ratio of ceo to comp that was crazy and they said we're going to pare that back. >> the compensation is out of whack. we got bailed out. we haven't been criminally prosecuted. the stock market has doubled. stock market has doubled under the obama administration. who we don't like. who we fought valiantly to try to defeat. they would have a lot more credibility if they said that. again, i made the argument that you know, whatever it is, the business of the american people, you know, used to be general motors. it
that's the real deficit that we need to worry about right now. for example jeffrey is part of this group. going around talking about cutting social safety net. his predecessor from the 20s and 40s owen young talked publicly about economic equality. he actually talked about how a man could not be free unless his wages were good. unless he was secure in his future and secured his retirement. it is a very different tune. >> eliot: let's make an important point. would the gold blankfein's of...
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Nov 29, 2012
11/12
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the deficit is large. where's the rest of his plan? he has to show us his plan. house members would like to extend all current tax rates permanently. that brings certainly the to the economy. get a subsequent bill for the sequestration. work with president obama in a good faith effort to get pro growth tax reform. that would work. we've got the ryan budget that spends $7 trillion less than the president's budget. that would restore the confidence that the economy needs. >> greta: senator, thank you. >> thank you. >> greta: with time running out, you would think that president obama would call the house and senate leaders and ask them to the oval office, but apparently something is wrong with the white house phones. he's trying to outsource the job to you. take a look. >> i'm asking americans all across the country to make your voice heard. tell members of congress what a $2,000 tax hike would mean to you. call your members of congress, write them an email, post it on their facebook walls. you can tweet it using the #my2k. >> greta: why doesn't the president pick
the deficit is large. where's the rest of his plan? he has to show us his plan. house members would like to extend all current tax rates permanently. that brings certainly the to the economy. get a subsequent bill for the sequestration. work with president obama in a good faith effort to get pro growth tax reform. that would work. we've got the ryan budget that spends $7 trillion less than the president's budget. that would restore the confidence that the economy needs. >> greta: senator,...
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Nov 28, 2012
11/12
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martha: reid says any agreement must have the wealthy to pay a little bit more to reduce the deficit. bill: what happens if they don't see a deal? 90% of americans will see a tax hike in 2013. and families that make between $40,000 and $65,000 will have to pay an extra $2,000 to washington, d.c. in taxes. martha: concerns over america's fiscal cliff have sent the markets lower in premarket trading. there is a look at where the dow is poised to open this morning. with the dow, the s & p and the nasdaq all trading lower. speaking of that, a new round of violent protests break out in egypt as police fired teargas into the crowds. here are some of those scenes. >> unbelievable. more than 100,000 people flooded into downtown cairo. this time they are protesting the current president martha maccallum and his power grab. they are disillusioned with what he has brought to their country. then you have this happening. police firing teargas. gypt's highest courts refusing to work in protest of morsi's actions. steve harrigan is streaming live from cairo. the protests looked like the unrest we sa
martha: reid says any agreement must have the wealthy to pay a little bit more to reduce the deficit. bill: what happens if they don't see a deal? 90% of americans will see a tax hike in 2013. and families that make between $40,000 and $65,000 will have to pay an extra $2,000 to washington, d.c. in taxes. martha: concerns over america's fiscal cliff have sent the markets lower in premarket trading. there is a look at where the dow is poised to open this morning. with the dow, the s & p and...
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Nov 29, 2012
11/12
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in 2010 the state budget deficit was more than 40% of its general fund. 40 percent. the second highest of any state. s&p and moody's both give illinois the second worst credit rating in all of the 50 states. illinois is funded 45% of pension liability, the lowest percentage of any state. unemployment in illinois, very impressive as well. just under 10%. they had things well in hand in illinois. is it mentioned that is a haunted the president obama? anyway, the tenth highest unemployment rate in the country. for stub's illnois a death spiral state because for every hundred private-sector workers in illinois there are 103 depending upon those ivate-sector workers new york, aiming at the sixth worst death spiral state because for every 100 private-sector jobs in new york there are 107 who depend on the private sector for their -- well, their sustence. a per capita debt of nearl $6,700. $6,700 just for the state of new york. the six highest in the country. we have people worg about the fiscal cliff which is worth worrying about. some of these states have gotten a massive
in 2010 the state budget deficit was more than 40% of its general fund. 40 percent. the second highest of any state. s&p and moody's both give illinois the second worst credit rating in all of the 50 states. illinois is funded 45% of pension liability, the lowest percentage of any state. unemployment in illinois, very impressive as well. just under 10%. they had things well in hand in illinois. is it mentioned that is a haunted the president obama? anyway, the tenth highest unemployment...
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Nov 29, 2012
11/12
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as you know, we have a trillion dollar annual deficit and this would not close that gap at all. so the president needs to come up with a plan and for better or worse going to require leadership. no member of the senate or the house is going to be able to do this, this is something the president has to do by himself and he can't do it on the campaign trail. >> let me ask you this because you wrote an op-ed today and you wrote about divided government about the deal. you said divided government means that neither democrats nor republicans will be able to pass legislation along strictly partisan lines. we cannot tax our way back to budget surpluses and economic prosperity without major spending cuts and entitle 347b9 reforms we will continue running a huge deficit regardless of what anyone does on either side. for every dollar of revenue you give him, he'll give you $2.50 of spending cuts. if he gave you that on spending cuts, it would be 8$850 billon year would you do that? >> the president has said a lot of things, but what counts is what he's willing to put on the table and so f
as you know, we have a trillion dollar annual deficit and this would not close that gap at all. so the president needs to come up with a plan and for better or worse going to require leadership. no member of the senate or the house is going to be able to do this, this is something the president has to do by himself and he can't do it on the campaign trail. >> let me ask you this because you wrote an op-ed today and you wrote about divided government about the deal. you said divided...
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Nov 29, 2012
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raging deficits, not enough revenues and we needed to cut some spending, too. we needed to make sure that people got their unemployment benefits. tip o'neill realized that he was speaker of the house. not speaker of the democrats. and he had that magic. the magic to him was 218 votes. and that's what i wish john boehner would do. because if he took a page out of tip o'neill's book, we'll be off this fiscal cliff and i compliment congressman cole for his courage in saying, you know, the president's given us 98%, essentially, of what we want. let's take it and we'll argue over the millionaires and the billionaires later. >> you know, you're probably one of the really key leading progressives in the united states senate. i've watched your heroic campaigns every six years. i'm walls in always in wonder of your ability to stick to principles and win big in the biggest state. how is this going over, the view you're taking now, which we're all in this together to some extent? it has to be a 60/40, something like that, deal. how is that going over with your colleagues
raging deficits, not enough revenues and we needed to cut some spending, too. we needed to make sure that people got their unemployment benefits. tip o'neill realized that he was speaker of the house. not speaker of the democrats. and he had that magic. the magic to him was 218 votes. and that's what i wish john boehner would do. because if he took a page out of tip o'neill's book, we'll be off this fiscal cliff and i compliment congressman cole for his courage in saying, you know, the...
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Nov 27, 2012
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how is he going to close the other part of that deficit? you know, his proposal right now, the most he can say would raise would be about $68 billion when our deficit last year was $90 billion. what is the president's plan for closing the additional additional $1 trillion worth of deficit? i think that's incumbent on the president to put forward his plan. >> from your standpoint alone, there's no way you see fit in the coming 35 days that you would break that pledge with glove norquist. >> well, thomas, let's use a couple numbers here. even with this measly economic growth we've seen the last three years, revenue at the federal government has increased $344 billion per year. if we just return to a normal economy that returns about 18.5%, that would increase revenue an additional over $400 billion per year, that's $750 billion of revenue per year through economic growth. and the president, his proposal would raise 1/10 of that but would put at risk the economic growth and that $750 billion. so -- >> sir, with all due respect, though -- >> co
how is he going to close the other part of that deficit? you know, his proposal right now, the most he can say would raise would be about $68 billion when our deficit last year was $90 billion. what is the president's plan for closing the additional additional $1 trillion worth of deficit? i think that's incumbent on the president to put forward his plan. >> from your standpoint alone, there's no way you see fit in the coming 35 days that you would break that pledge with glove norquist....
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Nov 29, 2012
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the president's message >>> if we get this part of it right, a lot of the other issues surrounding deficit reduction are going to be a whole lot easier. if we get this wrong, the economy is going to go south. we don't have a lot of time here. we have a few weeks to get this thing done. we could get it done tomorrow. optimistically, i don't think we are going to get it done tomorrow. >> the white house is using all social media resources to get the message out and put pressure on the republicans. >> today, i'm asking congress to listen to the people who sent us here to serve. i'm asking americans all across the country to make your voice heard. tell members of congress what a $2,000 tax hike would mean to you. call your members of congress, write them an e-mail, post it on their facebook walls. you can tweet it using the hash tag my 2 k, not y2 k. >> the president was laughing about you the strategy, seriously effective. the my2k was one of the top trends on twitter all day long. republicans aren't too happy. they are getting outflanked. >> if the president wants to reach an agreement, he n
the president's message >>> if we get this part of it right, a lot of the other issues surrounding deficit reduction are going to be a whole lot easier. if we get this wrong, the economy is going to go south. we don't have a lot of time here. we have a few weeks to get this thing done. we could get it done tomorrow. optimistically, i don't think we are going to get it done tomorrow. >> the white house is using all social media resources to get the message out and put pressure on...
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Nov 27, 2012
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in fact, they have been running a deficit. they have relied more on federal stimulus money to take care of their debt than any other state in the country. >> bill: they owe 40 billion, juan. >> looking for a bailout. >> bill: when willie nelson dies and least his estate 40 billion with all the medicinal marijuana on the ranch rolling in austin. that's a manageable debt. you can pay it off. all right? you can't pay off 160 billion. the sacramento pinheads know they can't fay off. it's a ponzi scheme out there. >> the yeah, the pension, the unions. >> bill: yeah, they can't pay it off. >> you know what they did have a vote by the people, a democratic, you know, vote that says here is is a mechanism that we want to put in place to reduce spending and to raise taxes, you don't see that in texas. they don't do it that way. the legislature meets once every two years and all up to them and not the people. in terms of democratic inticket, i think i would prefer california. >> bill: you are dodging the social experiment on the liberal
in fact, they have been running a deficit. they have relied more on federal stimulus money to take care of their debt than any other state in the country. >> bill: they owe 40 billion, juan. >> looking for a bailout. >> bill: when willie nelson dies and least his estate 40 billion with all the medicinal marijuana on the ranch rolling in austin. that's a manageable debt. you can pay it off. all right? you can't pay off 160 billion. the sacramento pinheads know they can't fay...
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it's exactly what happened during the clinton administration group old spending and quadrupled the deficit then this fall and you're going to you know god has influence or an article written in one thousand nine hundred six that sort of led to believe in it that became like the foundation trilogy if we really had really as for thirty two years this is been this is been the republican party tonight and your eyes are big enough to remember that the clinton administration yes first week that bill clinton right after the election the first week after the election when the republicans were screaming about what the national debt there had been no discussion about it at all for twelve years before. or that they were in the wreck during the time the reagan radio who knew of primary had a one hundred day ross perot is not talking about the rally going to the jack raid well yeah george testbench w. bush tries talking about but he was talking about the trade george not the not the know you start of the federal budget and george h.w. bush actually wanted to assert the line item veto you know that you
it's exactly what happened during the clinton administration group old spending and quadrupled the deficit then this fall and you're going to you know god has influence or an article written in one thousand nine hundred six that sort of led to believe in it that became like the foundation trilogy if we really had really as for thirty two years this is been this is been the republican party tonight and your eyes are big enough to remember that the clinton administration yes first week that bill...
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Nov 27, 2012
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the deficit will essentially go away. the bad side we're in a deep recession and the deficit will go away. this is an economy that can't afford to have 4% of our spending disappear just next year. we'll see a recession next year almost for sure and for certain. so that's the sense in which i think this is something to worry about. we want -- the recovery is faltering right now and we really don't need congress clubbing it over the head again, pushing us back down yet again. >> yet again. justin, thank you, sir, from the university of michigan. great to have you. >> thanks, alex. >> catch one of the key players in the fiscal cliff negotiations right here on "now" when senator patty murray joins us tomorrow at noon eastern. >>> and coming up after their romney nominee received just over a quarter of the latino vote republicans say they're ready to put up when it comes to comprehensive immigration reform. what are they doing about it? so far putting up a lot of window dressing. the display when telemundo's jose diaz-balart j
the deficit will essentially go away. the bad side we're in a deep recession and the deficit will go away. this is an economy that can't afford to have 4% of our spending disappear just next year. we'll see a recession next year almost for sure and for certain. so that's the sense in which i think this is something to worry about. we want -- the recovery is faltering right now and we really don't need congress clubbing it over the head again, pushing us back down yet again. >> yet again....
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Nov 27, 2012
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it has not added one penny to the deficit. for those who say there is a good reason to push it off the table and we brought another day, i would add a note of caution. small changes made today in social security will play out over the long run it to buy solvency for a long time. i think we should take social security off the table for the current fiscal cliff but be very honest about what we're going to achieve in the near term. i think we should create the equivalent of the simpson- bowles commission for social security and give them eight months to a year to come up with a planned to buy us 75 years of solvency for social security. then bring it to the floor for a vote and allow any bipartisan group who can come up with a credible plan that meets the same goal to offer their own to be voted on in the senate and house. i might add a wrinkle here that senator mark warner came up with that i think is sensible. there should be a decennial process. every 10 years, but they should measure whether or not social security still has 7
it has not added one penny to the deficit. for those who say there is a good reason to push it off the table and we brought another day, i would add a note of caution. small changes made today in social security will play out over the long run it to buy solvency for a long time. i think we should take social security off the table for the current fiscal cliff but be very honest about what we're going to achieve in the near term. i think we should create the equivalent of the simpson- bowles...
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Nov 22, 2012
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it doesn't make a lot of sense to get rid of a deficit reduction program, as part of a deficit reduction deal. the white house already rejected boehner's idea. obama care will not be part of debt negotiations. boehner is up to something here, don't you think? something else, that is. if you watch john boehner closely over the last two weeks, you can see him laying the ground work for the latest ploy. he call eed obama care the law the land, but also tried to link it to obama care and the budget. >> you had said, next year, that you would repeal the health care vote. that's still your mission? >> well, i think the election changes that. it's pretty clear that the president was re-elected. obama care is the law of the land. i think there are parts of the health care law that are going to be very difficult to implement. and very expensive. and at a time where we're trying to find a way to create a toward a balanced budget, everything has to be on the table. >> but you won't be spending the time next year, trying to repeal obama care? >> there are certainly may be parts of it that we believe
it doesn't make a lot of sense to get rid of a deficit reduction program, as part of a deficit reduction deal. the white house already rejected boehner's idea. obama care will not be part of debt negotiations. boehner is up to something here, don't you think? something else, that is. if you watch john boehner closely over the last two weeks, you can see him laying the ground work for the latest ploy. he call eed obama care the law the land, but also tried to link it to obama care and the...
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Nov 26, 2012
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revenue, revenue that you get by asking higher income earners to pay a little bit more to reduce the deficit and so the president was really clear in the campaign and i think it is really important that he take that discussion to the country now because he has said to the congress, the president said to the congress, just extend immediately all the middle class tax cuts and then we can decide what to do with folks at the higher end. again, it is important to understand the president has proposed that everybody get continued tax relief, existing tax rates, on the first $250,000 of family income, so he says let's extend that for everybody right now, but he believes we should ask higher income individuals to pay a little bit more. >> house majority leader eric cantor was on morning joe talking about the grover norquist tax pledge and whether he like other republicans would be willing to jump ship. here is his answer. >> there is a lot that has been said about this pledge and i will tell you when i go to the constituents that have elected and re-elected me, it is not about that pledge. it really
revenue, revenue that you get by asking higher income earners to pay a little bit more to reduce the deficit and so the president was really clear in the campaign and i think it is really important that he take that discussion to the country now because he has said to the congress, the president said to the congress, just extend immediately all the middle class tax cuts and then we can decide what to do with folks at the higher end. again, it is important to understand the president has...
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Nov 28, 2012
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they don't believe that social security is a driver of the deficit. on the other hand, you ended up seeing where -- how do you end up tweaking medicare? do you raise the eligibility age? new poll by "the washington post"/abc showed that two thirds of americans oppose raising the eligibility age for medicare and that could be something that could be discussed as would be, you know, maybe means testing and other things and again we don't know the details but what the white house is wanting to say, look, we're open to some adjustments on entitlements where republicans want to hear what are the details? >> that's interesting, the new poll you brought up. most of the people in that poll not wanting to see the eligibility age change and in the same poll the majority wanted to see taxes increase for people who make over $250,000. a lot of times we saw the lawmakers use polls to their benefit and this is an interesting storyline from those, too. >> politically, right now, when you look broadly, measuring the public, it does seem to be easier to raise taxes on
they don't believe that social security is a driver of the deficit. on the other hand, you ended up seeing where -- how do you end up tweaking medicare? do you raise the eligibility age? new poll by "the washington post"/abc showed that two thirds of americans oppose raising the eligibility age for medicare and that could be something that could be discussed as would be, you know, maybe means testing and other things and again we don't know the details but what the white house is...
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we cannot get there, get the deficit down without significant cuts in spending. >>neil: the election has consequences and you could argue that a key premise of the president's re-election was i will raise taxes on the rich and he is likely entitled to that, he will likely see that but it is all the other things they are leveraging with democrats do not touch entitlements and putting everything on table it remind me of george bush sr. he agreed to reverse the pledge oh ride -- "read my lips, no new taxes." but the democrats never offered correspondenting spend cuts. we know what happened to him. what happens to those who agree do in the republican party? >>guest: the republican party has to stand for economic growth and it has to stand for the principle that keeping tax rates low and reforming the tax system is the way to grow the economy. i disagree slightly with rand paul. i am in favor of closing loopholes. i hate them. i call them termites in the tax system but we should use that money to credit a first-class world class tax system that stops exporting jobs. w
we cannot get there, get the deficit down without significant cuts in spending. >>neil: the election has consequences and you could argue that a key premise of the president's re-election was i will raise taxes on the rich and he is likely entitled to that, he will likely see that but it is all the other things they are leveraging with democrats do not touch entitlements and putting everything on table it remind me of george bush sr. he agreed to reverse the pledge oh ride -- "read...
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Nov 27, 2012
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social security, not a penny to the deficit. medicare, he wants $250 million over a quarter of a year. that saves for medicare. and medicaid is more essential now than it's ever been and it's a key part of obama care. i don't know what mr. plouffe was talking about. i think he got the republican talking points mixed up with his. >> that was my first impression when i saw the videotape as well. the question comes up. what are you willing to accept in a deal when it comes to programs like medicare and medicaid? >> look, this december should be about revenues. then we can go on to have discussions about the long-term solvency and where medicare fits in and the changes coming by 2014 as we move ahead with obama care. but revenues have to come first. they should come first because we hold all the ace s. they don't have to worry about their pledge because they are voting to reduce taxes for working americans. they just can't do anything about the millionaires and billionaires and the unearned income, which is going to go back to clint
social security, not a penny to the deficit. medicare, he wants $250 million over a quarter of a year. that saves for medicare. and medicaid is more essential now than it's ever been and it's a key part of obama care. i don't know what mr. plouffe was talking about. i think he got the republican talking points mixed up with his. >> that was my first impression when i saw the videotape as well. the question comes up. what are you willing to accept in a deal when it comes to programs like...
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now we're facing debt and deficit. on the question of labour supply and investment of savings, it is hard to know what the rates would have been. but in general, tax rates to increase porges station in the labour market, particularly for women. there is every -- very strong evidence that lower tax rates make people save more prepared host: did it create jobs? guest: the tax policy itself does not create jobs. employers create jobs. there was a recession and at the bush administration in the beginning and one at the end. that continued into the obama administration. jobs come and go. at the moment, we have a significant job deficit. but i think if we look not just at the bush tax cuts in isolation, but the tax policy over the history of the united states and in other countries, we see the lower chart -- lower tax rates do contribute to getting jobs. host: ethan pollack, as did the bush tax cuts work? guest: they did work in the sense that they cost a lot of money and reduced surpluses. 80% of the debt added during the t
now we're facing debt and deficit. on the question of labour supply and investment of savings, it is hard to know what the rates would have been. but in general, tax rates to increase porges station in the labour market, particularly for women. there is every -- very strong evidence that lower tax rates make people save more prepared host: did it create jobs? guest: the tax policy itself does not create jobs. employers create jobs. there was a recession and at the bush administration in the...
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nevermind the deficit, you'll never come close to tackling the debt if there's not leadership fromhe white house on this issue. >> reporter: steven, you covered the issues, and you have for a very lon time with distinction. at some point, it seems we're on a carosel of complaints and empirical evidence that does not change and the argument does not change. that is, we have a trillion dollar problem in terms of the deficit, a $16 trillion problem in terms of the debt, and we've got two parties that for all the world are acting as though we think we got 300 million americans in the country too dumb to understand what they've got to do. the only people who don't seem to get it are the republicans and the democrats in the nation's capital. >> yeah, i mean, look, there's a lot of truth to that. republicans deserve credit in raising issues after the elections of 2010, as pa of the process, the negotiations about the debt ceiling, but the irony we're facing right now as we sit here and we see the president refuse to talk seriously about entitlements, refuse to really actually engauge in any
nevermind the deficit, you'll never come close to tackling the debt if there's not leadership fromhe white house on this issue. >> reporter: steven, you covered the issues, and you have for a very lon time with distinction. at some point, it seems we're on a carosel of complaints and empirical evidence that does not change and the argument does not change. that is, we have a trillion dollar problem in terms of the deficit, a $16 trillion problem in terms of the debt, and we've got two...
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later he's hosting big business leaders to talk about ways to cut the deficit. joining me to talk about this, "washington post" political columnist day ma milbank and terence page. >> good morning. >> clarence, big development with tom cole breaking from his party and saying they should support an immediate extension of bush-era tax cuts for households earning less than $250,000. and then deal with the higher income tax breaks later. this is the key argument the president has been making. he says this has to get done. it is a sign the democrats' arguments are working? is tom cole an outlier among republicans? what's going on? >> it's a sign of the diversity in the republican party and that's something that president obama's team is trying to work on. they're trying to develop divisions and to break the logjam, the big showdown that's going on between speaker boehner and congress on one side and president obama and his team on the other. so it's a sign, but we've still got a long ways to go. >> if you can believe it, the negotiations got arguably more complicated
later he's hosting big business leaders to talk about ways to cut the deficit. joining me to talk about this, "washington post" political columnist day ma milbank and terence page. >> good morning. >> clarence, big development with tom cole breaking from his party and saying they should support an immediate extension of bush-era tax cuts for households earning less than $250,000. and then deal with the higher income tax breaks later. this is the key argument the president...
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>> well, they came over a week ago and can't remember the bush era because they grew the deficits. another thing was saying capito was for the patriot act and that upset the hard core conservatives. every republican senator vot
>> well, they came over a week ago and can't remember the bush era because they grew the deficits. another thing was saying capito was for the patriot act and that upset the hard core conservatives. every republican senator vot
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we don't know how much we address the deficit problem by closing loopholes. impasse. martha: we'll see where that goes. stuart, thanks very much. we'll talk to chris van hollen moments away. bob,er is also here today. we'll get to some of that with them. thanks, stuart. bill: some context from how far the revenue ending bush tax cuts would go. during the 2012 fiscal year it costs $9.7 billion a day to run the federal government. the additional revenue stopping bush tax cuts would bring in $82.4 billion. a number that would run the government for 8 1/2 days. senator corker says there is plan on the table for two years. martha: that grand bargain that was so close. we'll see where that is in terms of both sides. bill:. we're just getting started on this tuesday morning. how about this story? oh, my gosh, a toddler seconds away from almost certain death in this video as a car comes barreling around that bend. we'll show you what the rest of what happens here and we'll tell you what ended up happening. bill: there is new violence on the streets of key roy. in fact we're g
we don't know how much we address the deficit problem by closing loopholes. impasse. martha: we'll see where that goes. stuart, thanks very much. we'll talk to chris van hollen moments away. bob,er is also here today. we'll get to some of that with them. thanks, stuart. bill: some context from how far the revenue ending bush tax cuts would go. during the 2012 fiscal year it costs $9.7 billion a day to run the federal government. the additional revenue stopping bush tax cuts would bring in $82.4...
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getting hillary clinton, the secretary of state, to get up there and by this time we have attention deficit disorder so i am worried this will fade away like other important issues that end up on the hills supposedly, under investigation. >>neil: but there are a number of folks who think if the administration were to push miss rice forward for secretary of state, it would be inviting acrimony but it would come at an enormous cost. do you grow? >>guest: i do, but what we are seeing is a weird school yard battle. the fact that senators john mccain and graham confronted the president and the president came out and publicly defended we ambassador rice, now you are getting in this weird shoving match where, perhaps, the president feels, as a matter of pride, he will put her forward. she is very smart person, very experienced individual, and the misstep on benghazi, on going out on the public and the sunday morning talk shows five days after the fact and claiming she narrative of the video and the spontaneous protests, she relied purely on the intelligence talking points defies belief so that par
getting hillary clinton, the secretary of state, to get up there and by this time we have attention deficit disorder so i am worried this will fade away like other important issues that end up on the hills supposedly, under investigation. >>neil: but there are a number of folks who think if the administration were to push miss rice forward for secretary of state, it would be inviting acrimony but it would come at an enormous cost. do you grow? >>guest: i do, but what we are seeing...
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we want deficit reduction that is big, bold, but balanced. as long as more republicans can agree with us on that we're willing to compromise with them and meet them halfway. >> sir, real quickly while i have you, it was announced in the last hour that the president is going to be hosting mitt romney for a private luncheon at the white house tomorrow. your reaction to that in light of that campaign finance call to supporters of mitt romney where he disbasically doubled down on the 47% remark? >> i think it's important for the president to reach out to as many people as possible. i didn't agree with mitt romney on much but some ideas he had were intriguing. i'm glad the president is reaching out to him and unifying america. we all need to stand behind the middle class and see where we can agree and act on that agreement. >> steve israel, great to have you on with us this morning. >> thanks. >> we have more heavy hitters coming up on the fiscal cliff on msnbc throughout the next day. next hour on "now" with alex wagner, she'll speak with senator
we want deficit reduction that is big, bold, but balanced. as long as more republicans can agree with us on that we're willing to compromise with them and meet them halfway. >> sir, real quickly while i have you, it was announced in the last hour that the president is going to be hosting mitt romney for a private luncheon at the white house tomorrow. your reaction to that in light of that campaign finance call to supporters of mitt romney where he disbasically doubled down on the 47%...
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social security, set aside, doesn't add to the deficit. when it comes to medicare and medicaid, protect the integrity of the program, but give it solvency for more and more years. >> reporter: a source with engine of knowledge -- with knowledge of the negotiation says there is no date set in stone for the next meeting among the principle negotiate othe timing will depend on the progress of staff member, in the next few days. but we should not be surprised if they get together, sthiem week. shannon. >> shannon: we wish them much luck. thank you. our worst-case scenario, there isn't a deal. the former economics director it'll peter tracy, tells what did you say to expect if that happens and what will happen if it doesn't. let's talk positive, first. who do you think, if something comes together, will be the key players. >> we need to see president obama move off the position of entitlements and propose real reductions, tangible, real, so there is something to balance with the rather substantial tax proposals. >> shannon: who do you think in
social security, set aside, doesn't add to the deficit. when it comes to medicare and medicaid, protect the integrity of the program, but give it solvency for more and more years. >> reporter: a source with engine of knowledge -- with knowledge of the negotiation says there is no date set in stone for the next meeting among the principle negotiate othe timing will depend on the progress of staff member, in the next few days. but we should not be surprised if they get together, sthiem...
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oh my goodness deficit deficit deficit, fix the tax code, and what are they proposing lowering their own taxes. it's a sham and they ought to be rolled out of town if people understand what they were talking about. >> if people are worried about how they're going to take care of the homeless, how schools will be able to accommodate 30 kids in the class rom how people will be able to make ends meet when unemployment disappears. they can't be here. they can't afford it. they come here and write it off in their taxes $20 million a year ceos from these corporations, and continue to spread the hysteria and--and if their plan goes through the austerity plan, they and their company and their bonuses are actually the only thing that is going to improve in this economy. >> eliot: as they have over the past couple of years. income disparity is worse and worse and incomes are going up. lloyd blankfein telling people that they people should not expect to work for 25 years and then retire for 30. i don't think he understands what social security is all about. >>> the hispanic caucus said no today
oh my goodness deficit deficit deficit, fix the tax code, and what are they proposing lowering their own taxes. it's a sham and they ought to be rolled out of town if people understand what they were talking about. >> if people are worried about how they're going to take care of the homeless, how schools will be able to accommodate 30 kids in the class rom how people will be able to make ends meet when unemployment disappears. they can't be here. they can't afford it. they come here and...
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he started his first term by pledging to make entitlement reforms the center of the deficit reduction pla he's done nothing about it in nearly four years. lou: yeah. let me turn to the issue of the possibility of a republican reset, if i may, very quickly. the party, some say outright in disarray in defeat of the candidate, president obama's hands, and there's great hand wringing, gnashing of teeth, and wailing on the part of the republican party. the leadership seems to reside with speaker boehner and rinse -- reince, chairman of the rnc, who led the party to another defeat, second in the row, over the course of the past two cycles. at what point do republicans acknowledge there's a problem, we have to do things differently, find out what the message is, and find someone willing to listen to the message that will grow the party. >> well, i think, look, i think we've haddtremendous successes. in 2010, we took back the house, grew the majority in the house, took seats in the senate, a lot of seats in governorship, governor walker, scott, and so the party had a tremendous amount of succ
he started his first term by pledging to make entitlement reforms the center of the deficit reduction pla he's done nothing about it in nearly four years. lou: yeah. let me turn to the issue of the possibility of a republican reset, if i may, very quickly. the party, some say outright in disarray in defeat of the candidate, president obama's hands, and there's great hand wringing, gnashing of teeth, and wailing on the part of the republican party. the leadership seems to reside with speaker...
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social security didn't cause the deficit. we don't need to cut social security to solve the problem. >> congressman defazio and a few others say let's go over the cliff if it means touching social security. what do you say? >> we should avoid going over the cliff, and the keys to the car are in the republicans' hands with respect to this tax issue. with respect to social security, i agree with what the president has said and what peter defazio said. social security is not part of the deficit and debt problem. we're not going to raid social security in order to balance other parts of the budget. as the president has said, you can deal with social security and try to strengthien it on yor own terms. with respect to health care, what we've said is we opposed the republican approach, which is simply to transfer rising health care costs onto the backs of seniors. what we should do and can do is build on the affordable care act where we found savings within the health care system by changes the incentive structures, by modernizing
social security didn't cause the deficit. we don't need to cut social security to solve the problem. >> congressman defazio and a few others say let's go over the cliff if it means touching social security. what do you say? >> we should avoid going over the cliff, and the keys to the car are in the republicans' hands with respect to this tax issue. with respect to social security, i agree with what the president has said and what peter defazio said. social security is not part of...
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we can't afford to run 1.2 to $1.5 trillion deficits every year. and we can't afford to bring obama care on to the books, because we know it has already doubled in its predicted cost. it was -- >> congresswoman, forgive me for cutting you off. but final question, yes or no, you think you'll be on the hill come christmas talking about this? >> oh, no, no. i think what you're going to do is see us find a way to move the bulk of this, to get past the fiscal cliff to address that, and then to have a good discussion. i'm pleased to welcome the president, the democrats to the discussion. this is something some of us have been trying to get done for many years. and i'm delighted to see that they're finally putting their attention on it. we have to get the fiscal house in order. >> thank you so much. live for me on the hill today, appreciate it. >>> today, business titans. tomorrow, the business guy trying to take his job. that's right, president obama and mitt romney will be meeting at the white house for lunch in the private dining room, no, no. no camer
we can't afford to run 1.2 to $1.5 trillion deficits every year. and we can't afford to bring obama care on to the books, because we know it has already doubled in its predicted cost. it was -- >> congresswoman, forgive me for cutting you off. but final question, yes or no, you think you'll be on the hill come christmas talking about this? >> oh, no, no. i think what you're going to do is see us find a way to move the bulk of this, to get past the fiscal cliff to address that, and...
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also look at the fact that walmart has generated trade deficits. when you look at this -- this blew my mind. this is the size that walmart has in our economy. the walmart trade deficits with china eliminated nearly 200,000 u.s. jobs between '01 and 2006. just walmart's decision, right. just that. so on the one hand, like yes, you've got this issue of how these supply chains are connected. but it feels like how else do you lift yourself out of that sort of thing? it's not just sort of what's good in a moral or a ethical sense. there's an economic what good is going on. >> the giant corporations do live in this bubble. the bubble where it's okay to do what they do mord to make more profits or to give bonuses or whatever. i'm not anti- -- in any sort of way. really just understanding that they believe that the hourly workers are super transient. okay, you want to leave. we'll get somebody else. all these people are happy. these people are are are cogs in that wheel. i think what you're doing and the fact that we're discussing this and adding pressure
also look at the fact that walmart has generated trade deficits. when you look at this -- this blew my mind. this is the size that walmart has in our economy. the walmart trade deficits with china eliminated nearly 200,000 u.s. jobs between '01 and 2006. just walmart's decision, right. just that. so on the one hand, like yes, you've got this issue of how these supply chains are connected. but it feels like how else do you lift yourself out of that sort of thing? it's not just sort of what's...
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because social security has not contributed to the debt and the deficits. and so we do need to fix it for the long-term, but that's a different discussion than the one that we're having about those programs that are actually costing. so i think we do have to look at the cost of health care long-term because that's going to contribute to the debt. >> i also want to ask you about susan rice, she is meeting with senators mccain, graham, and ayott. do you think she has explaining to do with what she said about benghazi? and would you support her if she is nominated for secretary of state? >> she's not yet been nominated. so i'm going to look carefully at her credentials, which i think qualify her very well to be nominated. i think she's done a very good job at the united nations. i do think she's explained that what she said about benghazi was the intelligence that she was given. and she'll have an opportunity as she meets with senators to further explain that position. >> do you think they're open to giving her a fair hearing? because some pretty tough things
because social security has not contributed to the debt and the deficits. and so we do need to fix it for the long-term, but that's a different discussion than the one that we're having about those programs that are actually costing. so i think we do have to look at the cost of health care long-term because that's going to contribute to the debt. >> i also want to ask you about susan rice, she is meeting with senators mccain, graham, and ayott. do you think she has explaining to do with...
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we do have a huge budget deficit. i don't think taxes should be increased on the middle class but we have an almost record percentage of total national income going to the wealthiest 1% of americans. i don't see why they should be let off the hook. why shouldn't they pay their fair share? they are paying a lower tax rate today and effective -- >> that doesn't solve the problem. >> -- in about 80 years and it will help solve the problem because that means more revenues into government. almost everybody, everybody who has looked at this issue, common sense party people, will say that you've got to have some balance between spending cuts and tax increases, particularly on the wealthy. i don't see what the problem is. we had a tax increase on the wealthy in the clinton administration, the economy did tremendously well. we had a tax cut particularly on the wealthy in the bush administration, the george w. bush administration, and very few jobs were created and the median wage started to drop, and that ended in the great re
we do have a huge budget deficit. i don't think taxes should be increased on the middle class but we have an almost record percentage of total national income going to the wealthiest 1% of americans. i don't see why they should be let off the hook. why shouldn't they pay their fair share? they are paying a lower tax rate today and effective -- >> that doesn't solve the problem. >> -- in about 80 years and it will help solve the problem because that means more revenues into...